DSCR Jumbo Florida Mortgage
Help investor clients qualify for a loan quicker. Use expected rental income instead of traditional income paperwork.
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Loans from $150K to $30MM
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Short Duration Prepay (18 months)
Florida Jumbo For Real Estate Investors
Florida Jumbo Mortgage For rental property purchase or refinance. Less paperwork closes their loan faster. Available for single-family residences and properties with up to 4 units.
Working with a client purchasing a California property? Loans to entities are also available.
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1:1 ratio rent to P&I payment
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No limit on cash-out amounts
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Interest-only options available
DSCR – JUMBO MORTGAGE INDIVIDUAL
Minimum Requirements for Initial Underwriting Submission
REQUIRED APPLICATION INFORMATION
Minimum 2 years of Borrower’s Employment information to be input on the loan
application, Employment Income may be left blank
REQUIRED ASSET DOCUMENTATION
Personal Guarantor Bank/Brokerage statements (all pages including blanks) for the most recent two months
REQUIRED PROPERTY DOCUMENTATION
Current lease, or if none exists a Letter of Explanation from the borrower with the amount of monthly rent intended
SREO Form (Schedule of Real Estate Owned), if applicable – available for download on EXCEL.
ADDITIONAL DOCUMENTATION AS NEEDED
If the Purchase transaction,
• provide an Executed Purchase Contract for the subject property
• provide proof of Earnest Money Deposit If Refinance transaction,
• provide Preliminary Title Report/Title Commitment (exception FL, NJ, and NY)
•list the source of down payment on URLA
PREFERRED DOCS TO SUBMIT COMPLETE PACKAGE
Business Bank/Brokerage statements (all pages including blanks) for the most recent two months, if applicable (if the down payment is coming from the business account)
